Noble Energy today announced it will expand its largest U.S. onshore oil field through a $494 million deal with Suncor Energy.
Noble will buy almost all of the Rockies oil and gas fields owned by the U.S. division of Canada-based Suncor.
About 80 percent of the wells and mineral leases are in the Wattenberg Field north of Denver. The field accounted for 41 percent of Noble’s third-quarter U.S. production, spokesman David Larson said today in an interview with Bloomberg.
The deal brings an additional 10,000 barrels of oil equivalent per day to Noble’s production, the Houston company said.
Noble expects the deal to close in the first quarter and will pay for the purchase through an existing credit line.